Bear is back ? 200MA is the key for today.

Euro topped at ~1.384 and is heading down now. All other global markets such as China, Hong Kong, Japan and European stock markets have a big down day. Will US follow today ? will see. But be aware of the bulls fighting back. 200MA is today's key watching point for both bulls and bears.

  • The NASDAQ gapped down[1],as predicted yesterday, and broke 200MA, bears win back the 200MA again.
  • 631K unemployment claim, worse than expected
  • UK reduced rating outlook
  • Oil was dragged below 61 now
For today's market close prediction, I have updated it.

[1] Gapped down today
at 5/21/2009 09:46:00 AM

6 comments:

  1. AnonymousMay 21, 2009 at 10:04 AM

    Thanks a lot. pretty much a down day. I think

    ReplyDelete
  2. AnonymousMay 21, 2009 at 10:21 AM

    Big down day! oh, yes, down,down,down to hell...

    ReplyDelete
  3. AnonymousMay 21, 2009 at 10:33 AM

    thanks tiger, due to the holiday and light trading tomorrow, still not certain if this is the pull back or a real break down to 820s. 880 is the support for bulls.
    -wang

    ReplyDelete
  4. Ben KevanMay 21, 2009 at 11:21 AM

    I think it's a pull back. Volume today will tell the truth. Expect another down day tomorrow since people don't like holding into 3-Day esp with as much news that comes out now.

    QID up healthy today... going to put in a stop.. and hope it doesn't gap down tomorrow (i'll play by ear, but don't expect it to).

    I'd stay away from shorting Financials or going long on Financials (and this is from a FAZ bagholder) since REITs and Banks (except FITB) seem to have pretty damn good support.

    GM is rocking the house thanks to GMAC injection (i'm guessing secured lending at same principle rate is what they are getting)

    Like Tiger said watch the 200MA on NASDAQ ..

    S&P Broke 889 .. which was big technical number..

    Philly Fed Numbers came in worse then expected -22.6 vs -18, but leading indicators came in just better then expected 1.0% vs 0.8%.

    If markets continue latest trend and sell off in the last hour, it's going to be a horrific day (-200)

    ReplyDelete
  5. TigerMay 21, 2009 at 11:38 AM

    Wang,

    yes. we need to see more actions.

    -tiger

    ReplyDelete
  6. TigerMay 21, 2009 at 11:45 AM

    Ben,

    Thanks for sharing your insight. Very well said. I like your emphasis on the volume. It is a key. QID jumped nicely so far, I think it may form the golden crossing again.

    For FAZ, I still waiting it can drop below $2. May be just a dream.

    The commercial real estate is the next bomb for the financial sector.

    Enjoy your profits on QID.

    Tiger

    ReplyDelete

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